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Oricom Q1 loss widens 11.1% YOY

Oricom Inc. said its normalized net income for the first quarter was a loss of 129.89 South Korean won per share, compared with a loss of 123.08 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.42 billion won, compared with a loss of 1.27 billion won in the year-earlier period.

The normalized profit margin rose to negative 4.8% from negative 6.5% in the year-earlier period.

Total revenue climbed 50.8% year over year to 29.59 billion won from 19.62 billion won, and total operating expenses increased 44.8% from the prior-year period to 31.40 billion won from 21.69 billion won.

Reported net income totaled a loss of 1.58 billion won, or a loss of 144.99 won per share, compared to a loss of 1.11 billion won, or a loss of 107.35 won per share, in the prior-year period.

As of May 16, US$1 was equivalent to 1,177.43 South Korean won.